Expanding Service Sector Lifts Markets

October 5, 2009 10:15 AM |
The nation's service sector expanded last month making September the first month of increase in a year.  The Dow gained 86 points to 9573 while Nasdaq climbed 17 points to 2065.

On the upside 

Kudelski Group commenced a tender offer to purchase all outstanding shares of OpenTV (Nasdaq: OPTV) that it does not already own.

CombinatoRx's (Nasdaq: CRXX) drug development partner Fovea Pharmaceuticals will be acquired by Sanofi-Aventis.

Vonage (NYSE: VG) introduced cheap international calling applications for the Blackberry and iPhone.

On the downside

Level 3 Communications (Nasdaq: LVLT) announced Friday that it will sell $275 million in senior convertible notes.

Sprint Nextel (NYSE: S) launched its 4G WiMAX mobile high capacity broadband service in ten cities nationwide but the stock price fell.

Microsoft (Nasdaq: MSFT) chief executive Steve Ballmer said that acquiring other companies is not part of its strategy to expand its its Internet search business.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 588.

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This page contains a single entry by published on October 5, 2009 10:15 AM.

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